New Plan 5 Maintence Loan - Can we reduce the amount?

Bizzywizard

Thanks to the person that's moved my post....yes I popped it in the wrong place....I have't posted in years....from SOME morons on MSE.

A few responses: She decided to stay at home, both her choices for Uni were within 30 minutes of where we live (the main lecture hours are 8 a week!). She is rather independent and can cook and clean..so its not us wanting her to stay, she is choosing too.....she has always been a saver, so sees little point in wasting money, when she is so very close. She also has a friend of a friend (found her 1 week ago) who is also commuting in, so will buddy up with her and stay all day every day....and share lifts/taxis if need be. She's not a drinker, so unlike her dad, who had the full Uni experience, she wants tops grades and is not willing to compromise her decree to go drinking.

She gets all her clothes from vinted and prefers to save any extra money. Her books she can get from the Uni as it has the online versions for her course. She also makes her own lunch each day.

She is lucky in that a few of her other friends are doing a full week ie 9-5 every day course (unlike her 8 hours for the same money)...so they are staying in halls and they have already said she can bunk in with them...if they go partying till 4am!

She knows she can add the money to her saver....the MAIN question is, CAN she reduce the amount of the loan at any point, if the money is not needed? I Suspect she will take the full amount....but, she wants that option open.

Thanks for all the constructive responses!

silvercar

Bizzywizard said:

Thanks to the person that's moved my post....yes I popped it in the wrong place....I have't posted in years....from SOME morons on MSE.

A few responses: She decided to stay at home, both her choices for Uni were within 30 minutes of where we live (the main lecture hours are 8 a week!). She is rather independent and can cook and clean..so its not us wanting her to stay, she is choosing too.....she has always been a saver, so sees little point in wasting money, when she is so very close. She also has a friend of a friend (found her 1 week ago) who is also commuting in, so will buddy up with her and stay all day every day....and share lifts/taxis if need be. She's not a drinker, so unlike her dad, who had the full Uni experience, she wants tops grades and is not willing to compromise her decree to go drinking.

She gets all her clothes from vinted and prefers to save any extra money. Her books she can get from the Uni as it has the online versions for her course. She also makes her own lunch each day.

She is lucky in that a few of her other friends are doing a full week ie 9-5 every day course (unlike her 8 hours for the same money)...so they are staying in halls and they have already said she can bunk in with them...if they go partying till 4am!

She knows she can add the money to her saver....the MAIN question is, CAN she reduce the amount of the loan at any point, if the money is not needed? I Suspect she will take the full amount....but, she wants that option open.

Thanks for all the constructive responses!

You can pay back whenever you like, though you can’t take it again once paid back. As far as I know, you can literally take it one day and pay some back the next.  You can also choose not to take the maintenance loan. I don’t know if you can choose to take some but not all.